Daily Technical Outlook on Major - GBP/USD

   DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 18 Sep 2019 00:46GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.2471

55 HR EMA
1.2446

Trend Hourly Chart
Up

Hourly Indicators
Bearing divergences

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.2629 - 80.9% proj. of 1.1959-1.2385 fm 1.2284
1.2580 - Jul 12 high
1.2528 - Y'day's 8-week high

Support
1.2468 - Mon's NY high (now sup)
1.2433 - Y'day's Aust. high (now sup)
1.2393 - Y'day's low

GBP/USD - 1.2492.. Although cable dropped to 1.2393 in Europe on cross- selling in stg vs euro, price rallied to an intra-day high at 1.2494 in New York morning due partly to comments fm Ireland's Coveney n usd's weakness.

On the bigger picture, cable's rally fm 2016 31-year bottom at 1.1491 due to a 'flash crash' on Brexit worries to 2018 21-month peak at 1.4377 in Apr con- firms major low has been made. Despite sterling's fall to a 20-month bottom of 1.2412 at the start of Jan, then to a 34-month bottom of 1.1959, subsequent rally to 1.2385 on easing of market fear of a no-deal Brexit, then 1.2528 Tue suggests temporary low has been made n with daily macd rising abv the zero line, suggesting upside bias remains for stronger retracement to 1.2580, a daily close abv there would encourage for gain twd 1.2784 (Jun high) in Oct. Only below 1.2385 signals temp. top is made n risks weakness to 1.2284, 1.2233.

Today, y'day's impressive rally fm 1.2393 to 1.2528 in NY suggests recent upmove fm Sep's 1.1959 bottom has once again resumed, subsequent retreat would bring range trading b4 price head twd 1.2580, 'bearish divergences' on hourly indicators wud cap price below 1.2629. Only below 1.2433 risks 1.2393/99.